Global Commercial Vehicle Rental and Leasing Market

Commercial Vehicle Rental And Leasing Market Size, Share, Growth Analysis, By Type(Personal Use, Business Use), By Vehicle Type(Light Commercial Vehicle, Car, Medium/Heavy Commercial Vehicle), By Region - Industry Forecast 2024-2031


Report ID: SQSG25C2017 | Region: Global | Published Date: July, 2036
Pages: 165 | Tables: 62 | Figures: 74

Commercial Vehicle Rental And Leasing Market Insights

Commercial Vehicle Rental And Leasing Market size was valued at USD 77.42 billion in 2019 and is poised to grow from USD 82.68 billion in 2023 to USD 149.47 billion by 2031, growing at a CAGR of 6.8% in the forecast period (2024-2031).

The growing production of cosy, secure, intelligent, and AI-equipped cars by automakers is beneficial for the market's expansion. Additionally, the market will experience growth in the ensuing years as a result of the increasing demand for commercial cars, particularly for lengthy trips. By renting a car with comprehensive service, you can avoid having to pay for repairs, upkeep, and replacements. Therefore, it is projected that these factors will accelerate market growth over the projection period.

One of the elements that can influence demand in the upcoming years is enough backup in case of an emergency. Its rise is anticipated to be fueled by low maintenance requirements and lower consumer costs. Often, car leases last for a year or longer, while car rentals typically last for less than a month. Over the forecast period, it is anticipated that fast infrastructure development and globalisation will encourage growth.

US Commercial Vehicle Rental And Leasing Market  is poised to grow at a sustainable CAGR for the next forecast year.

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Commercial Vehicle Rental And Leasing Market size was valued at USD 77.42 billion in 2019 and is poised to grow from USD 82.68 billion in 2023 to USD 149.47 billion by 2031, growing at a CAGR of 6.8% in the forecast period (2024-2031).

Top Players in the Commercial Vehicle Rental and Leasing Market 'Enterprise Holdings, Inc.', 'Avis Budget Group, Inc.', 'Ryder System, Inc.', 'LeasePlan Corporation N.V.', 'Hertz Holdings, Inc.', 'Penske Truck Leasing Co., L.P.', 'Europcar Mobility Group SA', 'ALD Automotive', 'Sixt SE', 'Budget Truck Rental, LLC', 'Northgate plc', 'ARI Fleet Management', 'LeasePlan USA', 'National Car Rental', 'United Rentals, Inc.', 'Emkay, Inc.', 'Thrifty Car Rental', 'Advantage Rent A Car', 'Nippon Rent-A-Car'

The need for the industry will be fueled in the near future by smart features in car rentals including parking suggestions, pre-trip planning, predictive navigation, and others. Commercial vehicle technology is developing at a rising rate, which will boost market prospects.

smartphone adoption is expanding quickly, and people are becoming more dependent on technology to do tasks like paying bills and making rental reservations. The expense of operating is kept to a minimum by leasing a car or truck. Instead of buying trucks and cars, many vehicle operators prefer to lease or rent them. The cost of servicing, maintenance, and car replacement are also eliminated when renting a vehicle with complete service. Therefore, it is projected that these factors will accelerate market growth over the projection period.

During the forecast period, North America is expected to have substantial growth. The demand for commercial rental automobiles in the US is blamed for the region's expansion. The market will benefit from the adoption of the newest technology to improve vehicle user experience. The development of the market in the region will be further aided by the presence of enduring businesses in the US.

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Global Commercial Vehicle Rental and Leasing Market

Product ID: SQSG25C2017

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